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Prices as of 8 Oct 2026 close · Not investment advice

Max Estates Limited

NSE: MAXESTATESResidential, Commercial Projects

Share price

₹531.75

-3.41% close of 8 Oct 2026

Market cap ₹8,668 CrP/E 1444.6

Business score

How strong the business is, in one number. The parts behind it are in Pro.

45

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹8,668 Cr

P/E ratio

1444.6

P/B ratio

3.6

ROCE

1.4%

ROE

-1.3%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹616.8052-week low ₹308.75

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 16.6% over the past year, and 32.2% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 26.1% to 8.9% over the last three years.

Whether it grew faster than its sector

It grew 32.2% a year against a sector median of 12.0% — 20.3 percentage points faster.

Room to re-rate, or risk of de-rating

Its profit has collapsed to almost nothing, so the current price-to-profit number is meaningless — there is no honest multiple to compare with its past.

Whether growth justifies the valuation

Its profit has collapsed to almost nothing, so the price-to-profit number is meaningless — growth cannot be weighed against a price like that.

Profit growthPrice per ₹1 profitPer 1% growth
Max Estates Limited — this one-12%/yr——
DLF Limited27%/yr36.6×₹1.4
Lodha Developers Limited56%/yr25.8×₹0.46
The Phoenix Mills Limited12%/yr49.2×₹4.1
Prestige Estates Projects18%/yr53.4×₹3.0
Oberoi Realty9%/yr22.9×₹2.5

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Residential, Commercial Projects), it ranks 68 of 86 on returns, 14 of 80 on growth, 49 of 86 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 1.4% on capital, ahead of 21% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years the business itself consumed ₹535 crore of cash before any plant spend, funded from lenders and shareholders. And the profit is not backed by cash: it reported a profit over 5 years and consumed cash from the business. Its cash comes back more slowly than it used to: it went from being paid 105 days before it paid its own suppliers to waiting 1013 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

5 of 9 checks clear · 56%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Pre-sales jumped fivefold to Rs 1,100 crore while reported profit fell 30%

Announced 14 Aug 2026 · Consolidated · Unaudited

Revenue

₹52 Cr

Revenue vs last year

+0.9%

Revenue vs last quarter

+5.0%

Net profit

₹8 Cr

Profit vs last year

-30.0%

Net margin

16.1%

EPS

₹0.51

Earnings call transcript · 17 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹8,668 Cr
Prev close
₹531.75
52w High
₹653
52w Low
₹305
Enterprise value
₹10,084 Cr
Beta
1.1
Price CAGR 1y
19.0%
Price CAGR 3y
—
Price CAGR 5y
—
Price CAGR 10y
—

Ratios

Return on assets
0.1%
PEG ratio
-58.5
P/E ratio
1444.6
P/B ratio
3.6
EV / EBITDA
562.1
Industry P/E
23.4
ROCE
1.4%
ROCE 5y average
1.5%
ROE
-1.3%
Debt / Equity
1.0
Interest coverage
1.4
Dividend yield
0.0%
ROE 3y average
-1.0%
ROE last year
-1.0%

Annual P&L

Annual revenue
₹199 Cr
Annual profit
₹16 Cr
Operating margin
12.0%
Net profit margin
8.0%
EBITDA margin
12.1%
Sales growth 3y
23.0%
Sales growth 5y
—
Profit growth 3y
-12.0%
Profit growth 5y
—
EPS
₹0.8
Sales growth TTM
17.0%
Profit growth TTM
-88.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹52 Cr
Profit latest quarter
₹8 Cr
YoY quarterly sales growth
0.9%
YoY quarterly profit growth
-30.1%
OPM latest quarter
15.6%

Balance Sheet

Book Value
₹148
Face Value
₹10.0
Total debt
₹2,412 Cr
Total cash
₹615 Cr
Borrowings
₹2,412 Cr
Reserves / Equity
13.8

Cash Flow

Operating cash flow
-₹616 Cr
Free cash flow
-₹696 Cr
FCF yield
-8.8%
Net cash flow
-₹24 Cr

Shareholding

Promoter holding
45.3%
FII holding
25.8%
DII holding
8.2%
Public holding
20.7%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
DLF646.0037.21,59,9051.23793.94.11,280.3-52.96.3
Lodha Developers1,094.9026.51,09,4230.391,373.1103.44,996.743.116.4
Phoenix Mills1,790.0049.464,0240.14394.523.31,074.912.812.4
Oberoi Realty1,701.2023.461,8560.47543.529.01,300.931.717.3
Prestige Estates1,412.3553.460,8340.14271.4-19.42,675.115.910.4
Godrej Propert.1,548.8028.846,6540.64349.4-41.7506.216.57.6
Anant Raj601.2037.421,6360.16149.218.9631.46.612.1
Max Estates531.051479.88,6870.008.4-58.151.90.81.4
Median135.4423.88800.008.426.585.011.07.6

Competes with: Anant Raj Limited, Brigade Enterprises Limited, DLF Limited, Godrej Properties, Lodha Developers Limited, Oberoi Realty, Prestige Estates Projects, The Phoenix Mills Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales18202430404040405149504952
Expenses15201822253228313839475344
Material Cost03.840000
Change in Inventories000000
Purchases of Stock-in-Trade000000
Employee Cost5.657.327.087.861111
Other Expenses252632394233
Operating Profit3.150.576.277.81158.54129.0614102.93-3.208.12
OPM %172.7826263821292327215.89-6.4716
Other Income-397.296.308.557.211332382926222128
Exceptional items (within Other Income)000000
Interest4.38111414171415171716161617
Depreciation3.696.376.898.458.778.418.168.768.418.048.027.938.17
Profit before tax-44-9.03-8.20-6.30-2.88-1.21202117120.96-6.1711
Tax %-13-50-8.41-25-31142334293397-3427
Net Profit-38-4.51-7.51-4.73-2-1.381614127.820.02-4.088.35
EPS in Rs0.01-0.21-0.100.110.131.231.080.710.45-0.07-0.310.29
Diluted EPS in Rs0.900.740.480-0.260.51

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6910793160199200
Expenses397675116175182
Material Cost2.683.84
Change in Inventories1.870
Purchases of Stock-in-Trade00
Employee Cost1833
Other Expenses94139
Operating Profit313218442418
OPM %44301928129
Other Income524-17899797
Exceptional items (within Other Income)00
Interest161943626565
Depreciation111525343232
Profit before tax822-68382318
Tax %4216-193033
Net Profit518-55261612
EPS in Rs-2.872.530.770.36
Diluted EPS in Rs1.700.97
Dividend Payout %00000

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
—
5 years
—
3 years
23%
TTM
17%

Compounded profit growth

10 years
—
5 years
—
3 years
-12%
TTM
-88%

Stock price CAGR

10 years
—
5 years
—
3 years
—
1 year
19%

Return on equity

10 years
—
5 years
0%
3 years
-1%
Last year
-1%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital780147161163
Reserves5311,2111,0242,1172,256
Borrowings3158629621,6562,412
Other Liabilities1011449613,2957,582
Minority Interest382741
Total Liabilities1,0252,2163,0947,22912,414
Fixed Assets8981,4271,8262,0472,523
CWIP00000
Investments1316093587385
Other Assets1146291,1754,5969,506
Total Assets1,0252,2163,0947,24612,437

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity41-456271225-616
Cash from Investing Activity-121-52-292-1,993-288
Cash from Financing Activity785212341,766879
Net Cash Flow-213213-2-24
Free Cash Flow-88-979-50-452-697

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1020313322
Inventory Days2716,553
Days Payable197458
Cash Conversion Cycle856,115313322
Working Capital Days-10599361,0135,036
ROCE %2031

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters5050494545454545454545
FIIs3028282828272727262626
DIIs0.010.200.035.725.796.306.276.807.787.658.20
Public2123232121212121222121
No. of Shareholders24,64025,07326,30528,17228,37830,07931,05832,11331,33630,72029,722

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year +15.3% (₹461.30 → ₹531.75)Brick size ₹25.11 (fixed)Bricks 26
₹300₹400₹500₹600₹532Jan '26Apr '26Aug '26
Price moved up one brickPrice moved down one brickLast close ₹531.75 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

1,417inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

64,40,129inr

2026-03-31

News

News and filings about Max Estates Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • AAC blocks
  • TMT steel reinforcement bars
  • cement
  • imported finishing materials (facade/interior)
  • reinforced concrete (RCC)
  • tiles, stone and brick tile finishing materials

Depends on the price of

  • cement
  • steel

Sells to

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Realty
Industry
Residential, Commercial Projects
Classification
Realty › Residential, Commercial Projects
ISIN
INE03EI01018

Plants

  • Estate 128 · Noida, Uttar Pradesh
  • Estate 360 · Gurugram, Haryana
  • Max House (Okhla)
  • Max Square · Noida, Uttar Pradesh
  • Max Towers · Noida, Uttar Pradesh

News impact

Big market events that reach Max Estates Limited, and how the effect spreads.

Who it hits first

  • Mumbai recorded 12,610 property registrations in September, up 5%, with festival-season buying driving a large share.
  • Lodha Developers, Mumbai's biggest homebuilder, and Oberoi Realty, a premium Mumbai builder, gain the most direct sales support.
  • Godrej Properties, a nationwide builder with large Mumbai projects, also benefits, while builders focused on other cities feel only a mood lift.

Who may gain

  • Lodha Developers (Mumbai homebuilder) — more bookings from stronger city demand
  • Oberoi Realty (premium Mumbai builder) — faster sales of high-end city flats
  • Godrej Properties (nationwide builder) — support for its Mumbai launch pipeline
  • Sri Lotus Developers (Mumbai luxury builder) — deeper buyer pool for big-ticket homes
  • Construction suppliers such as UltraTech Cement and Capacite Infraprojects — more building work if sales spur new launches

Along the supply chain

Downstream

There is no corporate buyer chain in the graph; the end customer is the Mumbai homebuyer registering the flat, plus brokers and lenders who earn fees on each deal.

Upstream

Builders buy cement, blocks, and contracting work from suppliers named in the pack — UltraTech Cement, Bigbloc Construction, Capacite Infraprojects, and Ahluwalia Contracts — so sustained sales would pull more orders through these vendors.

Where demand moves

Business

Homebuyers registered 5% more properties in Mumbai, so city builders like Lodha and Oberoi collect bookings and customer advances faster, which funds their ongoing projects.

Capital

Investors are likely to bid up Mumbai-exposed realty stocks first, with a smaller sympathy flow into large national builders like DLF.

How it spreads across sectors

Realty

Positive read-through: firm Mumbai sales support builder bookings, launch confidence, and stock sentiment across listed developers.

When it plays out

Immediate

Realty stocks with Mumbai exposure firm up over 1-7 days as traders react to the 5% registration beat.

Medium term

Over 1-6 months, sustained registrations would convert into collections and margin gains; a post-festival dip would fade the signal.

Short term

Over 1-4 weeks, builders report festival bookings; strong numbers turn into launch announcements and brokerage upgrades.

28 Sept, 10:21 IST · Market event · medium impact

What RBI’s new REIT, InvIT valuation rule means

RBI changed how REIT and InvIT values are calculated, which may trim property values and hurts indebted developers most while strong builders watch and wait.

RealtyConstruction

Who it hits first

  • RBI, India's central bank, issued a new rule changing how REITs (listed office trusts) and InvITs (listed road and power trusts) calculate their net asset value, or NAV.
  • The pack carries no rule text or article detail, so the market must guess whether NAVs fall a little or a lot.
  • Property and construction shares face fresh valuation doubt, with weak and pledged developers hit hardest and strong names drifting lower.

Who may gain

  • No clear winners — this rule tightens values, so it pressures sellers, not buyers.
  • Strong cash-rich builders like DLF and Lodha, who can buy cheap assets if weaker rivals must sell.
  • Valuers and auditors, who get fresh work restating NAVs under the new method.

Along the supply chain

Downstream

No direct downstream link — homebuyers and office tenants pay rents and prices, not NAVs, so no customer chain moves.

Upstream

No direct supply-chain link — a valuation formula does not order cement, steel or labour.

Where demand moves

Business

No homes or offices are bought or cancelled because of a valuation formula; builders keep selling, but their stated asset values may shrink.

Capital

Investors pause fresh buying in REIT-linked property names and demand a bigger discount until the new NAVs are published.

How it spreads across sectors

Construction

Mild negative as InvIT funding caution could slow new road and power orders, but EPC builders feel little direct hit.

Realty

Negative for office and mall owners whose values mirror REIT NAVs; housing-only builders feel only sympathy selling.

A pattern seen before

Cascade chain

  • RBI resets REIT/InvIT NAV math → listed trust values restated
  • Property and infra asset prices re-anchor to lower NAVs
  • Developers face higher funding scrutiny; lenders reprice builder loans

Pattern name

RBI Rate Cascade

Patterns

  • RBI Rate Cascade

Sectors queried

  • Auto
  • Banking
  • Consumer Durables
  • Infrastructure
  • NBFC
  • Real Estate

When it plays out

Immediate

1–7 days: realty shares drift lower as investors wait for the rule text and first NAV restatements.

Medium term

1–6 months: funding costs and deal flow settle; strong builders recover, weak pledged names lag.

Short term

1–4 weeks: REITs publish restated NAVs; office-heavy builders reprice while housing names stabilise.

Who it hits first

  • Max Estates Limited, a listed property builder, plans a joint venture (a shared project with a land partner) for homes on 9.76 acres in Indirapuram, Ghaziabad.
  • The plan covers 1.5 million sq ft of homes to sell, with future sales talked at Rs 2,500 to Rs 3,000 crore.
  • Nothing is final yet: the deal still needs approvals and due checks, so cash and building start later.

Who may gain

  • Max Estates, which would add a large Ghaziabad sales pipeline if the venture closes.
  • The unnamed land partner, which would share project profits without building alone.
  • Future Ghaziabad homebuyers and local brokers, who would get fresh housing supply over time.

Along the supply chain

Downstream

New homes would eventually reach Ghaziabad buyers through the company's sales channel; office tenants named in the graph (REDINGTON, YESBANK, IEX, DIXON) use its office space and gain nothing from houses.

Upstream

Builders, cement, steel and fitting suppliers could get orders when building begins, but the pack names no supplier for Max Estates, so no near-term order can be tied to this news.

Where demand moves

Business

Max Estates would gain future home sales and booking value once approvals land and building starts; construction contractors and material sellers would see work orders only after that.

Capital

Investors may pay a little more for Max Estates shares on the growth news, while rival builders see only mild sympathy buying with no new money flow.

How it spreads across sectors

Realty

Mild positive mood for NCR housing and builders as a Rs 2,500-3,000 crore Ghaziabad plan signals demand, but no earnings change for rivals.

When it plays out

Immediate

1-7 days: Max Estates shares react to the pipeline news; rivals barely move.

Medium term

1-6 months: approvals and launch timeline decide whether bookings and building work actually start.

Short term

1-4 weeks: focus shifts to JV terms, partner name, and approval progress.

22 Sept, 19:33 IST · Market event · medium impact

RBI changes valuation rules for InvIT, REIT units

RBI changed how banks value infrastructure and property trust units, hurting banks and developers holding them with no near-term winners.

Financial ServicesRealty

Who it hits first

  • RBI, the banking regulator, has changed how InvITs (infrastructure trusts) and REITs (property trusts) units are valued.
  • Banks and NBFCs holding these units must reprice their books, which can trim reported values near term.
  • Developers and sponsors face cooler fundraising mood for new REIT and InvIT issues until prices settle.

Who may gain

  • Long-term REIT and InvIT buyers gain clearer, more honest prices once books reset.
  • Banks and NBFCs holding units lose near term if revaluation trims book values.
  • Property developers face cooler REIT fundraising sentiment until prices settle.

Along the supply chain

Downstream

No direct downstream link — tenants and homebuyers do not shift from a valuation method change.

Upstream

No direct upstream link — RBI accounting rules do not change cement, steel or contractor orders for developers.

Where demand moves

Business

No new business orders follow an accounting rule — developers sell no extra flats from a valuation method change.

Capital

Investors reprice InvIT and REIT units, holders trim books, and new unit issuance waits for steady prices.

How it spreads across sectors

Financial Services

Lenders and holders that own InvIT and REIT units face book-value markdowns and sentiment pressure until books reset.

Realty

Developers see no order change but face softer REIT fundraising and sentiment as unit prices reprice.

A pattern seen before

Cascade chain

  • RBI valuation norms reset InvIT/REIT unit values
  • Bank and NBFC holding books reprice
  • REIT yields and developer funding sentiment cool

Pattern name

RBI Rate Cascade

Patterns

  • RBI Rate Cascade

Sectors queried

  • Auto
  • Banking
  • Consumer Durables
  • Infrastructure
  • NBFC
  • Real Estate

When it plays out

Immediate

InvIT and REIT units reprice; holders disclose small book adjustments and developers pause new plans.

Medium term

Clearer valuations aid future fundraising; books stabilize and issuance resumes on reset prices.

Short term

Banks and NBFCs publish revalued books; REIT yields and developer funding mood stay soft.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Splits, bonuses & buybacks

  • daily-prices repair: 5 rows from NSE's archive (replace 0, delete 0, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.